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🇹🇼 Taiwan /Economy & Trade

US Treasury Secretary's note suggests $5-10 billion yen purchase plan

From Liberty Times · () Chinese

Translated from Chinese, summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • A leaked note from U.S. Treasury Secretary Scott Bessent indicated consideration of buying $5 billion to $10 billion in Japanese yen.
  • The note was photographed during a cabinet meeting, raising questions about potential U.S. intervention to support the yen.
  • The U.S. Treasury has not confirmed the note's authenticity or any market intervention on July 31.

A photograph taken during a U.S. cabinet meeting has revealed a potential plan to support the Japanese yen. Treasury Secretary Scott Bessent's desk note, captured by Reuters, listed "Buy Japanese Yen (JPY) $5-10 bil." as a "To Do" item.

The image, taken during a meeting at Camp David on July 31, has fueled speculation about whether the U.S. intends to intervene in currency markets to bolster the yen. The U.S. Treasury Department has not yet responded to Reuters' inquiries regarding the note's authenticity or any market actions taken that day.

This comes after reports on July 31, citing sources, suggested the U.S. Treasury had informed several banks of a possible intervention. Japanese authorities also entered the market that morning, leading to a strengthening of the yen against the dollar. The last time the U.S. Treasury intervened to support the yen was in 2011, following a major earthquake and tsunami in Japan, in coordination with other G7 nations.

DistantNews Editorial

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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